A perfect competitive firm has a long-run cost function, C(q) = 8q2 + 200. In the long run, this firm will supply a positive amount of output, as long as the price is greater or equal to
Q: Price Ali Kelly Jessie Market 4.00 4 0 1 3.00 8 2 2 2.00 12 4 3 1.00 16. 6 4 Quantity Supplied By:…
A: *Answer: Market demand is the sum of individual demand at different prices. Market supply is the…
Q: Suppose that your demand schedule for CD is as follows: Price Quantity demand (income =$10 000)…
A:
Q: 2. Models of inventory systems frequently consider the relationships among opening stock, production…
A: (a). Ending inventory for period j = closing stock from the previous period (beginning inventory for…
Q: On August 8, 2000, Zimbabwe changed the value of the Zimbabwe dollar from Z$38∕US$ to Z$50∕US$.…
A: The exchange rate is the rate at which one currency is exchanged with the other. We have been given…
Q: The following function relates price to quantity demanded: price = 100 - 3q And note that when price…
A: Price elasticity of demand is a measurement of how a product's demand changes in response to price…
Q: If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have…
A: Given information: Simple discount note for 75 days The discount is $150 Proceeds are $11850 and…
Q: Discuss any three functions of Money?
A: Money is a general economic medium which is used to carry out transactions in an economy and express…
Q: A carpet company advertises that it will deliver your carpet within 15 days of purchase. A sample of…
A: The level of significance is defined as the likelihood of wrongly rejecting the null hypothesis when…
Q: In a market for kitchen bags, the highest price consumers are willing to pay is $ per pack and the…
A: In a monopoly, Firm produces unique product so it has full control over the market price. A…
Q: Maya would like to borrow $4500. Her bank offered her a two-year personal loan with monthly…
A: Hi! thanks for the question but as per the guidelines, we answer only one question at one time.…
Q: To answer this question please refer to chapter 13, "Development Economics: The Wealth and Poverty…
A: Charles Wheelan's Naked Economics:Undressing the Dismal Science is a simple book to understand the…
Q: 3. The nominal exchange rate is e=48 peso per USD. The price of a Big Mac is P=$3 in the U.S., and…
A: The (NEER) stands for nominal effective exchange rate and signifies an unchanged weighted average…
Q: Solve and analyze the following problems. Make sure all steps are properly justified. Correctly uses…
A: The equilibrium is established where the demand and supply are equal. Pd =PS.
Q: A government should implement profound reforms to the labor market, complementary to the elimination…
A: The basic requirement a producer needs is labour and capital. Here the labour is the variable cost…
Q: Under the economic interest theory of regulation, state and discuss the factors that determine…
A: Any alliance of persons or groups, generally formally constituted, that strives to influence public…
Q: Create line chart for quarterly data for 2019 to 2021 of inflation of qatar In 2019 inflation rate…
A: 2019 Qatar
Q: P&G 1.10 1.20 1.30 1.10 -226 -215 - 204 1.20 - 106 - 89 -73 1.30 -56 -37 - 19 1.40 -44 -25 -6 1.50 -…
A: The prisoner's dilemma is a decision-making paradox in which two people acting in their own…
Q: 33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1…
A: Comparative advantage is the basis for international trade.
Q: A firm encountering ● economies of scale over some range of output will have a: rising long-run…
A: Economies of scale are cost benefits harvested by organizations when creation becomes productive.…
Q: John plans to make 10 equal annual deposits starting one year from now into a fund that pays an…
A: Let the John annual deposit starting one year from now is A i =10% The cashflow diagram is shown…
Q: Assume that a small open economy is currently running a current account surplus. A) On a graph, show…
A: An open economy is one in which goods and services are freely traded with other countries. A small…
Q: If the law of diminishing returns did not hold, we can produce a the food the world needs in one…
A: In economics, diminishing returns is the decrease in marginal output of a production process as the…
Q: Which of the following statement(s) on return predictability are correct: 1. Present value…
A: At the market place, uncertainty and predictability are the special events that allows people to act…
Q: What is an "open access resource"? Why do open access resources often exhibit what is known as the…
A: open access asset:- Open access asset is a decent or administration over which no property…
Q: Identify and explain the three stages of the J-curve adjustment path of the trade balance adjustment…
A: Devaluation of currency does not improve trade balance initially. it helps to improve the trade…
Q: Conduct the PESTLE analysis for the company "Under Armour".
A: A PESTLE analysis studies the key external factors (Political, Economic, social science,…
Q: Given the following parameters: Perfect Competition in Output Market Perfect Competition in Labour…
A: The wage is determined by the market forces of demand and supply. The equilibrium wage is equated…
Q: 2. With lower fuel costs, an airline lowered its average traveling cost from $1.50 to $1 per…
A: Given : change in price from $1.50 to $1 per passenger mile. Change in number of passengers : 400…
Q: ements. utes. substitutes
A: In economic aspects, products are things that add some sort good for the existences of individuals…
Q: Suppose an economist develops an international trade model based on the assumption that there are…
A: The Ricardian model shows the likelihood that industry in a created country could contend with…
Q: ich of the following would be true in a typical PPF curve? The resources needed to make both goods…
A: The production possibility frontier shows the different combination of two goods that can be…
Q: 3) a) Discuss the phrase there ain't no such thing as a free lunch (TANSTAAFL) in the context of…
A: When choosing between two possibilities, a person, an investor, or a firm may suffer opportunity…
Q: demonstrate and explain how costs concepts help in managing production between the shortrun and…
A: When businesses change output levels over time in response to anticipated economic gains or losses,…
Q: A10
A: Keynesian theory predicts that the economy is below the full employment level of output. The economy…
Q: 4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to…
A: The foreign exchange market is an over-the-counter (OTC) marketplace that decides the exchange rate…
Q: Problem 4. The price is a function of demand given as p(q) = 2.5 In (300). Use the elasticity…
A: Given Demand equation: p(q)=2.5ln300q .... (1) We have to find revenue-maximizing…
Q: Gamma and Zeta are the only two widget manufacturers in the world. Each firm has a cost function…
A: We have here:- Total cost=TC=10+10q+q2 Inverse demand function=P=100-Q=100-q1-q2 marginal…
Q: change to monetary policy. Businesses pay must rise, at least in the short run, if inflation…
A: Inflation is the market situation when general price level or market value of goods and services…
Q: In 2019 Country A had a current account deficit of $1.2 billion. CountryA's capital account was in a…
A: Current Account is the account which show the value of export and imports done by country in a…
Q: With respect to environmental regulations, there is a conflict between the middle- and low-income…
A: Environmental regulations are complex indisplinary efforts to protect the environment from problems…
Q: If the economy of a country can be summarized to the following events on a given year. Price per…
A: GDP (Gross Domestic Product): It refers to the gross domestic income of the society. The increase…
Q: (3) Given the equilibrium price and demand (denoted by Po and Qo), the consumer surplus (CS) is…
A:
Q: (A). In the 1970s when the Bank of England used monetary policy to trade off higher inflation for…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: Market price before tax was $1. After the tax, the price paid by buyers rose to $1.20 and the price…
A: Elasticity = % Change in Q / % Change in P
Q: Up Down Up Down Player 1 In the game above, what is/are the sub-game perfect Nash equilibrium?…
A: We have sequential move game, where Player 1 moves first and then player 2 moves.
Q: A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ow has the development of capitalism influenced what became the United States from Contact to the…
A: Since the breakdown of feudalism, capitalism, also known as free market economy, has been dominant…
Q: In a small open economy, if domestic saving equals $50 billion and domestic investment equals $50…
A: Given: Savings = $50 billion Investment = $50 billion.
Q: There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x₁ measures the number…
A: Indifference curve:- An indifference curve can be explained as graph that shows a group of…
Q: define the terms of trade?what is principle of comparetive advantage
A:
3
Step by step
Solved in 2 steps
- A firm has a linear demand function for its product. When the price of the product isSh.220, the quantity demanded is 40 units. When the price increases to Sh.240, thequantity demanded becomes 30 units. In addition, the firm’s marginal cost function isgiven by:MC = 40q – 2q2 + 2Fixed cost = Sh.5 millionWhere q = quantity demanded, MC = marginal cost (Sh. million)Evaluate the level of output that maximizes profits.MC АТС $25.00 AVC $19.50 -- $15.00 $12.50 - - 30 40 50 60 Output (Q) For the firm shown in the diagram above, its Long Run Supply Curve is its curve for any price greater than ATC; $19.50 MC; $12.50 AVC; $12.50 MC; $19.50A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?
- Exercise 3 A firm has a long-run cost function Cl(y) = y 3 − 10y 2 + 30y. (1) Derive the firm’s long-run average cost function. (2) Derive the firm’s long-run marginal cost function. (3) Find the level of production with the lowest average cost. (4) What is the long-run supply function for this firm? (5) If the market price is p = $18, how much would the firm decide to produce?The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs MC ($) Quantity of Ear Buds 5 10 15 20 25 30 35 40 2.00 2.45 3.55 4.00 5.50 5.98 8.52 pairs ATC ($) 2.00 2.00 2.15 2.50 2.80 3.25 3.64 4.25 Check my work Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? b. At the profit-maximizing quantity, what is the total cost of producing ear buds? c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? d. Now assume the market price is $5.50 per pair, and Buddies produces the…A firm has the long-run cost function C(q)- 4q2 + 256. In the long run, it will supply a positive amount of output, so long as the price is greater than O $108. O $224. $220. O $113. $64.
- A profit - maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $ 200. Complete the following table by indicating the firm's profit, marginal cost, and average variable cost. Profit Marginal Cost Average Variable Cost (Dollars) (Dollars) (Dollars) The efficient scale of the firm must beless than 100 units.Problem 2 A firm has the cost function c(y) = y2+1 and can sell its output at a price of p. a) compute and sketch the fixed costs F, the variable costs VC, the average costs AC, the average variable costs AVC, and the marginal costs MC, b) Derive the firm's inverse supply curve and the supply curve. c) What output level minimizes average costs? d) Compute the maximum profit as a function of p. e) Compute the producer's surplus for p = 5 and p = 6. f) find the minimum price needed by a competitive firm in order to cover variable costs.A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. What is its profit? What is its marginal cost? What is its average variable cost?
- The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 25 2.20 30 2.02 2.17 35 2.45 2.21 40 3.57 2.38 45 4.00 2.56 50 5.46 2.85 55 5.93 3.13 60 8.53 3.58 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds?The figure deplcts the demand curve for Beautiful Cars, and the marginal cost and Isoprofit curves of the car manufacturer. The quantity and price at polnt E are (Q*. P*) - (30, 5,500). Suppose now that the firm Increases the price to 5,550 and chooses the corresponding level of output from the demand function at the new price. Based on this Information, whlch of the following Is correct? 8,000 Demand curve 100 Quantity of cars, O O The firm will sell 30 cars at the higher price. O The firm's profit remains the same. O The quantity of cars produced reduced. O Tho firm's profit is now incroasod Price, Marginal cost ($)Suppose that there is a perfectly competitive firm with the following cost data: Variable Cost (VC)=10Q² Fixed Cost (FC)=100 Market Price $20 Find the firm's profits (Hint: You will need the Total Revenue and Total Cost) at the profit maximizing Q. O -90 100 140 120